Eton Properties income rises 13% to P600M in Jan-Sept

MANILA, Philippines - Eton Properties Philippines Inc., the real estate arm of the Lucio Tan Group of Companies, said its net earnings rose 13 percent in the nine months ending September this year to P600.63 million on brisk sales.

In a filing with securities regulators, Eton said revenues grew 20 percent to P3.76 billion, mainly due to the significant construction of the company’s initial projects The Eton Residences Greenbelt, Eton Parkview Greenbelt, One Archers Place West Tower, Belton Place, Eton Emerald Lofts, West Wing Residences and the first five clusters of The Manors of North Belton Communities, 68 Roces, South Lake Village at Eton City and Riverbend.

Rental income generated from the company’s BPO offices Eton Cyberpod Centris and Eton Cyberpod Corinthian, and mall properties Centris Station, Centris Walk, E-Life and Green Podium contributed to the higher earnings.

Total assets stood at P12.8 billion, up five percent.

Eton is focusing on the development of its two major township projects: Eton City in Sta. Rosa, Laguna and Eton Centris, its 12-hectare township project in Quezon City.

The company recently introduced its fourth residential development in Eton City. Featuring lots ranging from 200 to 300 square meters, TierraBela will cater to the upper middle income market segment. In Eton Centris, a new mid-range high-rise residential condominium will be introduced in the fourth quarter of this year.

Eton likewise introduced a new residential project under Belton Communities, Inc., a fully-owned subsidiary catering to the middle income market. West Wing Tropics is situated near major malls and business establishments and will feature modern designed houses.

 “Philippine real estate will continue to be good. There is a huge housing backlog of 3.7 million in the country. The outsourcing industry continues to grow and there is rising demand for office space. The government thrust on tourism-related projects boosts local tourism. All these translate to growing markets that property developers can serve,” said Danilo Ignacio, president and chief operating officer of Eton.

Two Cyberpod Centris, a BPO office development catering to the unique office space requirements of business process outsourcing (BPO) and information technology firms, has just recently topped off.

The entire building has been fully leased to a Fortune 500 company. The first building, 13-story One Cyberpod Centris, has been fully leased out to some of the most successful BPO companies.

Furthermore, construction plans for BPO 3 and 4 are underway. “We are ready to address the marked increase in office space demand. Our growing portfolio of BPO office developments help create a progressive environment in key growth areas in the country,” Ignacio said.